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The Bank of New York has opened a securities company in Japan as the bank continues its expansion in the Asia-Pacific region.

The new business, to be called The Bank of New York Securities Company Japan, will allow the bank to offer commission management and transition management services, as well as establish a dedicated asset management sales capability.

Takahide Akiyama, general manager of the bank's Tokyo branch, has been named president of the division. He will remain the bank's country head of Japan.

Sumiko Katsuhara, vice president, will assume Akiyama's role as general manager of the Tokyo branch.

The new business will permit the bank to better meet the needs of Japanese clients who use its global custody, securities lending, agency brokerage, global collateral management, offshore funds administration, and depositary receipts services.

The venture is the latest move by the bank to expand its presence in the Asia-Pacific region. In September, Bank of New York opened a representative office in Kuala Lumpur. The bank also has a representative office in Beijing.

In January, Ivy Asset Management, Bank of New York's alternative assets arm, opened new offices in Tokyo. Its subsidiary, BNY Brokerage, recently opened new offices in Sydney.